Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Bitmine Immersion Technologies generated positive free cash flow this quarter, with revenue and operating cash flow higher than the prior quarter and the same quarter last year. The free cash flow margin improved from negative to positive.
- Revenue increased substantially, and operating cash flow rose accordingly, leading to a high free cash flow margin. Capital expenditure remained minimal, supporting the conversion of revenue into free cash flow.
- Compared to the prior quarter, revenue and operating cash flow were higher, while free cash flow turned from negative to positive. Compared to the same quarter last year, revenue and free cash flow were also higher, though the free cash flow margin was lower due to the current quarter's larger revenue base.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$294.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
$29.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$29.0M
Cash generated by operations before capital spending.
CapEx
$30000
Capital spending and related asset purchases.
FCF margin
62.3%
The share of revenue converted into free cash flow.
TTM FCF yield
-3.0%
TTM FCF divided by market capitalization.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-08-31 | $1.3M | -$5.5M | $1.0M | -$6.6M | -495.2% |
| 2025-11-30 | $2.3M | -$228.4M | $376000 | -$228.7M | -9975.2% |
| 2026-02-28 | $11.0M | -$88.2M | $0 | -$88.2M | -799.2% |
| 2026-05-31 | $46.5M | $29.0M | $30000 | $29.0M | 62.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -34.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue and cash flow improvement
Revenue was higher in the current quarter relative to both the prior quarter and the same quarter one year ago, driving a corresponding increase in operating cash flow. The free cash flow margin turned positive from a negative position in the prior quarter.
The company's cash conversion profile strengthened, with free cash flow moving from a deficit to a surplus.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue increased substantially, and operating cash flow rose accordingly, leading to a high free cash flow margin. Capital expenditure remained minimal, supporting the conversion of revenue into free cash flow.
Compared to the prior quarter, revenue and operating cash flow were higher, while free cash flow turned from negative to positive. Compared to the same quarter last year, revenue and free cash flow were also higher, though the free cash flow margin was lower due to the current quarter's larger revenue base.
Monitor the deployment of capital into strategic moonshot investments mentioned in the filing, as they are intended for long-term value rather than near-term operating income.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $9.8B | Used as the denominator for FCF yield. |
| TTM FCF yield | -3.0% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | n/a | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.